Update: Luther Forest land deal event tomorrow afternoon

The Luther Forest Technology Campus Economic Development Corp. will hold a public announcement of the sale of 223 acres to GlobalFoundries Inc. tomorrow at 3 p.m. in Malta.

Michael Relyea

Michael Relyea, president of the group, sent an e-mail to supporters this morning announcing the press event, which will be held at the Hyatt Place off Exit 12 of the Northway.

GlobalFoundries announced this morning that it will begin clearing land at Luther Forest on Monday and that the closing on the land would take place tomorrow.

GlobalFoundries has also delivered its official commitment letter to the state of New York, making the company eligible for $650 million in cash from the state. The Empire State Development Corp. must issue bonds to raise the money within 90 days, according to a grant disbursement agreement between the company and ESDC that was filed with the Securities and Exchange Commission when the project was being undertaken by Advanced Micro Devices Inc. AMD spun off its manufacturing to GlobalFoundries, and the state has since transferred the incentive to GlobalFoundries.

“Upon receipt of the notification ESDC shall issue bonds or otherwise obtain funds necessary to permit the funding of the project within ninety (90) days of the date of the notification,” the agreement states.

Regardless of when the state obtains the money, GlobalFoundries can only bill the state for work it has completed.

Larry Rulison

2 Responses

I’d be pleased and honored to be the first to congratulate AMD for following through on their promise to the County. Their commitment is invaluable, their financial contribution will be priceless, and I’ve never been more pleased to be proven more wrong in all my life.